Cyber attacks will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015.  Accounting for 5.8% of our World Domestic Product (WDP), the demand for cybersecurity solutions is on the rise. The financial sector, representing over $16.8 trillion worth of assets, needs cybersecurity solutions to protect the personal financial data of billions of individuals globally. Direct financial attacks on the financial institutions themselves have successfully stolen cash from ATM networks, diverted bank funds by attacking SWIFT financial transfer transactions, and attacked banks directly with ransomware. Without viable solutions, the financial sector will continue to suffer; financial loss, damage to their reputation, and the potential loss of both existing and new clients. CipherCloud’s award-winning Cloud Access Security Broker (CASB+) can help financial institutions protect themselves from data breach and exposure of sensitive financial records. Here are the 6 key use cases we’ve identified specifically for the financial services industry: Collaborating on financial records
Secure collaboration is essential within the financial industry, among their partners, and with their customers. Ensuring the safety and security of financial records within a financial firm is crucial. Those unauthorized to view sensitive personal and financial information should only be limited to view the information they need, and nothing else. Without security measures in place, sensitive information can fall into the wrong hands, resulting in the exposure of sensitive data. CipherCloud’s CASB+ provides visibility into user activities and collaboration that touches important and sensitive corporate data. Basic controls bring strong support for collaborative governance and sharing between various internal and external groups. Sharing data securely for co-marketing activities
Internally, business units share data and information with each other on a daily basis to support marketing programs. However, the data that is shared must be protected to limit the risk of exposure and possible loss. CipherCloud’s CASB+ solution encrypts specific data and information so that only those with keys can unlock the information required. This way, the sender is able to determine what information is seen by the receiver. CipherCloud tokenization also allows for the sharing of key data, while still protecting the sensitive data of individuals by anonymizing the data. Prevent accidental sharing
Accidental sharing due to human error is a common occurrence in the financial industry. CipherCloud Data Loss Prevention (DLP) identifies content in real-time. This allows you to understand if sensitive data is being shared out of policy. When there are policy violations, CipherCloud DLP will enforce actions to notify key parties, restrict sharing, or automatically encrypt the data. Reduce risk of breaches by identifying anomalous behavior
The MIT Technology review stated that through the use of artificial intelligence and machine learning, the risk of breaches is increasing at an exponential rate. With an ever-increasing amount of data being uploaded into the cloud, the demand for security against cyber breaches in the cloud is at an all-time high. CipherCloud brings a full suite of capabilities designed to meet and defeat the top cloud threats. User experience behavior analysis (UEBA) understands if the behavior of a user fits expected behavior, as opposed to the behavior of an attacker. Adaptive access control (AAC) observes login behavior dependent on the time of day, attempted file bulk downloads, IP addresses, geo-locations, the computing platform, and can also allow or restrict access. Complying with regulations The success of any financial firm depends on their ability to meet required compliance regulations. Compliance requirements may specify the need for data residency, data privacy, data sovereignty, and other forms of data protection. The CipherCloud CASB+ architecture enables a business to meet the needs of complex compliance regulations such as the European Community General Data Protection Regulation (GDPR), HIPAA, PCI, GLBA, SOX, and many others. Scanning and uploading customer documents for malware
Virus, malware, and ransomware protection is provided by our anti-virus anti-malware (AVAM) scanning – this powerful capability helps keep data safe. Antivirus Antimalware protection also helps keep data safe, with URL link protection and on-premise sandbox integration so that financial organizations can discover and remediate even the most difficult cloud-based threats.
By better addressing the cyber threats in these use cases, financial institutions will reduce the risk of financial loss, the loss of data, and damage to their reputation while attracting customers, increasing revenue, and most importantly, protecting customer sensitive financial data.
To learn more, watch our webinar “How 5 of the Largest Financial Services Firms Protect Sensitive Data in SaaS Applications” or request a trial of CipherCloud’s CASB+ solution.
*** This is a Security Bloggers Network syndicated blog from CipherCloud CASB+ Platform | Enterprise Cloud Security authored by CipherCloud. Read the original post at: https://www.ciphercloud.com/blog/6-casb-financial-services-cloud-security-use-cases